The market capitalization of cryptocurrencies has reached the $2 trillion mark, the highest since last May, but more gains are being held back by potential new tax reporting requirements in the United States.
According to Arab Net, the value of more than 8,800 cryptocurrencies tracked by CoinGecko rose 55% to $1.95 trillion from its July low, boosted by a surge in Bitcoin prices. and ether.
Bitcoin's rise has been halted by the oversight of virtual currencies in the infrastructure bill passed by the Senate, according to crypto exchange Luno.
Bitcoin's rally has been halted by the draft budget and is now between $45,000 and $47,000, Luno's head of Asia Pacific in Singapore, Vijay May, said. Bloomberg, and reviewed by Al Arabiya.net.
This comes as the cryptocurrency industry fails to adjust tax reporting rules - which is expected to increase revenue by nearly $28 billion - despite a big boost. by pressure groups.
The largest virtual currency fell 3.2% today Thursday and reached $45,200 as of 8:40 am in London. Ether and the Bloomberg Galaxy Crypto Index also fell.
Esm Bao, an analyst at China Tonghai Securities in Hong Kong, said some see regulation as an overburden. My point is the short-term pain, the long-term gain. Regulations increase clarity and enforcement against violations and invite more participants.
The theft of $610 million in cryptocurrency highlights ongoing security risks, despite hackers returning nearly half of the funds.
